The SCA (NSW) 2026 phase-out of insurance commissions relies entirely on voluntary association rules. Given this, is industry self-regulation fundamentally flawed?
The SCA (NSW) 2026 phase-out of insurance commissions relies entirely on voluntary association rules. However, because there is no legal obligation on strata managers to be SCA members, operators can withdraw from the association while continuing to collect commissions. Given this structural loophole, is industry self-regulation fundamentally flawed?
I don't think self regulation is the way to go. It needs regulatory reform, and I think the SCA will support that.
I don't think self regulation is the way to go. I think, as Tyrone articulated really well in his presentation, it needs regulatory reform, and I think that's what the SCA will be supporting.
At the moment, it's voluntary. It doesn't really matter whether you're an SCA member or not. The choice is yours to retain commissions until the government decides, in their wisdom, what they want to do.
We're advocating for change for the better, with more transparency, and trying to lead our members in the right direction.
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Wade McKenzie is one of Australia’s leading Strata Management professionals.
Renowned and highly regarded for his fresh, innovative, and proactive approach, he is without question, one of the most dynamic and hands-on CEO’s in the strata industry.
Wade has 25 years’ experience in Strata Management and founded Strata Republic in 2004. During this time, he has assisted hundreds of Owners Corporations to successfully navigate complex legal situations, and has strategically administered a considerable number of defect, remedial and rejuvenation projects, which has restored, and in most cases, added substantial uplift in capital value for Owners Corporations.
His counsel is regularly sought by many prominent property developers and international real estate organisations, along with several industry bodies. He has presented and spoken at numerous industry related events.
Wade currently sits on the Board of Directors for the peak industry body – Strata Community Australia (NSW) to help shape the future of the strata industry.
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